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After a short painful dip below $4000 Bitcoin is back above the clouds; but how long will it last this time, is $4400 in sight? or is this latest pump a kiss of death?
For weeks it seems as though the bulls and bears of Bitcoin (BTC) have been hashing it out over the $4k battleground. Just a few days ago the bulls capitulated and BTC retreated down to a perceived resistance of $3950. After a full day of indecision, the bulls fought back, pushing once again back to 4k and above.
But will this battle end soon? And who looks primed to win? Bulls or bears?
Our first analysis comes from the trading group Crypto-TA-NL, who postulate that BTC is actually on track for a long term recovery:
Another analyst appeared to agree, citing the recent break above 4k as a fairly bullish move, suggesting that if $3950 continues to hold as support for BTC we could see a prolonged move up. However, he caveats that a bearish scenario might mean that this break is a false rally, with the potential of a plunge down to $3600/$3400, firmly on the cards:
Another analyst from the aforementioned crypto-TA trading group, suggests that after the previous BTC dip below 4k on the 21st of March, BTC failed to reach support levels which could be indicative of some further downside to come.
